Steel producers set for strong Q4, despite a minor blip from West Asia war

Higher domestic prices—aided by safeguard duties on imports—alongside robust demand and improved spreads are expected to support strong earnings for steelmakers. Price power returns Domestic steel prices have climbed sharply following the imposition of safeguard duty on imports in December. The war has further disrupted key trade routes, lifting freight costs and, along with rupee depreciation, increasing the pressure on imports. The spot price of hot rolled coil (HRC) has risen about 22% over its Q3FY26 average to ?57,700 per tonne, but still remains below the landed cost of imports from China, giving domestic producers an advantage, according to a…